amphoria
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Post by amphoria on Jun 19, 2020 18:30:06 GMT
Received at 19:11, so someone is working late. Matches my records to the penny.
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amphoria
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Post by amphoria on Jun 12, 2020 15:40:30 GMT
According to the The Insolvency (England and Wales) Rules 2016, the liquidator has 2 months in which to deliver the progress report after the end of each 12 month period (see Clause 18.7). The one month deadline refers to the six monthly Administration reports.
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amphoria
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Post by amphoria on May 1, 2020 10:25:51 GMT
I'm guessing that they shouldn't have been charging fees in April for the MLA and GBBA and therefore they have removed the display whilst they fix the problem. I had a small amount of accrued fees showing this morning before it was removed.
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amphoria
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Post by amphoria on May 1, 2020 10:22:11 GMT
That's how it works, although I don't monitor it closely either.
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amphoria
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Post by amphoria on May 1, 2020 9:13:10 GMT
A lot of borrowers stopped paying interest at the start of April. This would result in reduced interest payments in the MLA and GBBA. If you look at the Repayments tab for the individual loans, you will see which ones have missed payments.
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amphoria
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Post by amphoria on Dec 12, 2019 11:06:51 GMT
If you mean the projected returns, they were in Dec's monthly update.
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amphoria
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Post by amphoria on Sept 4, 2019 22:21:37 GMT
By co-incidence, I renewed my bonus on Monday which was just before the rate changed. It looks like they made this change just prior to the first anniversary of the account opening. Mine was due to expire on 26th Sep. I should offer my thanks to r00lish67 who first posted that you could renew your bonus for another year.
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amphoria
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Post by amphoria on Sept 4, 2019 9:00:30 GMT
Rate for new savers has dropped from 1.5% to 1.45%, see hereInterestingly its the bonus that has reduced and not the underlying rate.
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amphoria
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Post by amphoria on Jun 6, 2019 10:42:02 GMT
I can't seem to find the size of the provision fund for the QAA - where is it to be found? ( chris ?) It's available here but hasn't been updated since 31st Dec 2018.
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amphoria
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Post by amphoria on Mar 31, 2019 9:54:23 GMT
P2P interest should be entered on your tax return under Interest from Gild Edged and Other Securities. However when the tax is calculated it is lumped together with Interest from UK banks and building societies. So it can be offset against your savings allowance. if you ask HMRC to do the calculation for you, they will do this automatically. From memory the first year that savings were not taxed at source was 2016/17.
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amphoria
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Post by amphoria on Feb 15, 2019 19:14:04 GMT
I submitted a complaint on Monday 11th and received the deferment letter (by email) today.
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amphoria
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Post by amphoria on Jan 16, 2019 10:32:01 GMT
How do you know they go online today? There is no date set in the weekly pipeline That's what the email said.
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amphoria
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Post by amphoria on Oct 11, 2018 21:37:40 GMT
Well I am on 93% deployment so some people must be doing better than 97%.
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amphoria
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Post by amphoria on Oct 11, 2018 11:08:31 GMT
Given the interest rate that the borrower is currently paying is not far off what he'll be paying MT when/if the debt is refinanced, what's the incentive for refinancing. Presumably the current financer isn't prepared to extend the extra £150k required to complete the project? I wonder why? If the accounts will be filed prior to the loan being drawn down, can they not be provided prior to the loan going live? Given that the loan redemption date was 9 months after July 2017, the current borrower is probably paying the full 3% per month defined in the loan agreement. Anyway it looks like he is selling the company to the MT borrower. According to Practical Law the definition of a Condition Subsequent is as follows (ie. it occurs after drawdown): "In a loan agreement, a condition that must be satisfied by the borrower within a set time period following drawdown. Where a borrower does not satisfy a condition precedent in time for drawdown, the lender may agree to lend the money as long as the borrower agrees to satisfy the condition by a future date. Usually, a letter (in the form of a condition subsequent or waiver letter) is signed by the parties before drawdown setting out details of the outstanding condition and the date by which the borrower should satisfy it. Failure to fulfil the condition within the set time period will usually trigger an event of default."
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amphoria
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Post by amphoria on Oct 1, 2018 16:53:21 GMT
Thank you for all the clarification. As you say, it's just like a fund, with allocation outside the investor's control. The continual redistribution of all active loans to both new and existing investors is a new technique to me so took a while to get my head around.
Is a loan excluded from redistribution once it defaults? Certainly it seems that 'suspended trading' loans are still actively distributed.
Suspended loans in the Access Accounts are also re-distributed as long as there is sufficient money in the Provision Funds to cover any expected shortfall. This is the "in normal market conditions" caveat on withdrawals.
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